Rep. Katie Porter (D-CA) grilled Treasury Secretary Steve Mnuchin over massive losses posted by Deutsche Bank — and over the lender’s inaction over suspicious transactions by President Donald Trump.
The California Democrat asked Mnuchin during a House Financial Services Committee hearing about the German bank’s recent $3 billion loss, and whether Treasury Department banking deregulation could put investors in its U.S. subsidiary at risk.
“How did Deutsche Bank manage to lose $3 billion and not see it coming?” she asked. “How the hell do you lose $3 billion and not see that coming?”
Mnuchin said “a lot of people” lost $3 billion, and he agreed that U.S. officials didn’t want to see that happen again.
“I am familiar with some of their really bad investments, and I find it really hard to believe they made them,” Mnuchin said.
Porter pointed out that Deutsche Bank had failed its own stress tests and engaged in questionable international activity in Iran, Libya, Russia and Syria — and involving the U.S. president.
“It came to light that Deutsche Bank had willfully decided to ignore suspicious activity reports with regard to the president and his son-in-law,” Porter said. “What is your plan to hold Deutsche Bank responsible for failing to do appropriate oversight and respond to the regulatory controls in place with regard to the SARs?”
Mnuchin said he could not comment publicly on SARs, which he read news accounts on, but promised to follow up with the committee.
“Are you planning to ask the German banking authority also to do additional oversight of Deutsche Bank, especially now that we regulate them much less than we used to?” Porter said.
Mnuchin tried to assure Porter that Deutsche Bank’s activity would not jeopardize the U.S. financial system, and he promised to speak with his European counterparts about the issue.
Swiss holding ‘funeral march’ to mark disappearance of an Alpine glacier
Dozens of people will undertake a "funeral march" up a steep Swiss mountainside on Sunday to mark the disappearance of an Alpine glacier amid growing global alarm over climate change.
The Pizol "has lost so much substance that from a scientific perspective it is no longer a glacier," Alessandra Degiacomi, of the Swiss Association for Climate Protection, told AFP.
The organisation which helped organise Sunday's march said around 100 people were due to take part in the event, set to take place as the UN gathers youth activists and world leaders in New York to mull the action needed to curb global warming.
UAW strike ‘threatens to upend the economy in Michigan’ — and could destroy Trump’s re-election: report
At the end of the first week of a major strike by the United Auto Workers, the employment standoff threatens to upend President Donald Trump's 2020 re-election map, the Chicago Times reported Saturday.
Approximately 46,000 workers have been striking against General Motors.
There are two major threats to Trump's campaign from the strike.
The first is that the strike could cause regional recessions -- threatening Trump's political standing in key Rust Belt states.
Security forces fired live rounds at protesters calling for the ouster of Egyptian president: report
Egyptian security forces clashed with hundreds of anti-government protesters in the port city of Suez on Saturday, firing tear gas and live rounds, said several residents who participated in the demonstrations.
A heavy security presence was also maintained in Cairo's Tahrir Square, the epicentre of Egypt's 2011 revolution, after protests in several cities called for the removal of general-turned-president Abdel Fattah al-Sisi.
Such demonstrations are rare after Egypt effectively banned protests under a law passed following the 2013 military ouster of Islamist ex-president Mohamed Morsi.